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Question...

i have taken a housng loan from IDBI bank for purchasing an apartment. The apartment is not completed and the builder is absconding as he dont have any nmoney or assets to complete the project. Few of us registered case in consumer court and court verdict has come against the builder asking him to complete the work or refund our money. He is not willing to do anything as he dont have a penny with him. Tht is why he is absconding now. I am keep paying my EMIs to IDBI bank which I can not afford any more. I am in deep financial trouble now as I have to pay EMIs and rent as well.
In this situation is there any clause or banking rules to protect me from paying the remaining EMIs to the bank? .

Answer...

Unfortunately, you are liable to pay off the EMIs. You can approach your bank for a payment arrangement.

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Date : Jul 14, 2009

Question

i have taken a housng loan from IDBI bank for purchasing an apartment. The apartment is not completed and the builder is absconding as he dont have any nmoney or assets to complete the project. Few of us registered case in consumer court and court verdict has come against the builder asking him to complete the work or refund our money. He is not willing to do anything as he dont have a penny with him. Tht is why he is absconding now. I am keep paying my EMIs to IDBI bank which I can not afford any more. I am in deep financial trouble now as I have to pay EMIs and rent as well.
In this situation is there any clause or banking rules to protect me from paying the remaining EMIs to the bank? .

Answer

Unfortunately, you are liable to pay off the EMIs. You can approach your bank for a payment arrangement.